In today’s briefing:
- Nexus Select Trust IPO – Strong 9M23, Just About Digestible Pricing
- KRE Lead Breakdown
- Fiserv: Achieving Industry-Leading Returns Is Not As Hard As You Might Think
Nexus Select Trust IPO – Strong 9M23, Just About Digestible Pricing
- Nexus Select Trust (NST IN) is looking to raise around US$391m in its upcoming India IPO.
- NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.
- In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.
KRE Lead Breakdown
- Bank jitters touted to resurface in May with growth concerns topping falling inflation data. SPX MACD in focus as a key bearish driver.
- KRE bear break below 42 support targets 32.40 and will bleed into the SPX and the global cycle.
- MACD cycle trough expected near mid-June and will set the stage for a bull recovery. Until then we are selling bounces per our May/June negative cycle.
Fiserv: Achieving Industry-Leading Returns Is Not As Hard As You Might Think
- Fiserv’s delivered a 30% return since October of last year, when I laid out my full investment thesis.
- Fiserv is laying the groundwork for long-term growth, says the company’s market commentators.
- The company continues to outmaneuver its direct competitors, according to analysts.
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